In Q4'25, MARA's net income plunged to a loss of $1.71B USD, marking the largest quarterly deficit in the observed period and a sharp reversal from the $123.1M USD profit recorded in Q3'25. From Q1'23 to Q4'25, net income exhibited high volatility, starting with modest losses of $7.2M USD in Q1'23 and escalating to profits peaking at $337.2M USD in Q1'24, followed by alternating losses and gains including a $808.2M USD surge in Q2'25. Year-over-year changes were erratic, with dramatic improvements like 47.6% in Q1'24 contrasting severe declines such as -423.5% in Q4'25, underscoring the company's sensitivity to market fluctuations in the cryptocurrency sector. Overall, the trend shows no sustained growth, with four profitable quarters offset by significant losses totaling over $2.5B USD across the 12 periods.